A Balance Between An Implusive Day Or A Complex Correction
Having said that we should see a Dollar bullish day, I still have concerns over USD/JPY. The Wave ^E is just too deep. I will provide the weekly chart today and that does seem to have the potential for Dollar losses. Let’s just say that we need to be cautious in case we see a sharp drop once more.
Overall, there is the potential for complex corrections – and that seems to be a pattern through some of the pairs. Keep that in mind.
Otherwise, the outlook does look Dollar bullish. Yes, we can see pullbacks early in the day, but the outcome should be a bearish GBP/USD and EUR/USD and a bullish USD/CHF. I note that in EUR/USD, the rally we saw came in a 3-wave move and therefore we may see a complex correction – perhaps a triangle. Otherwise, we could just see losses.
GBP/USD may see a complex correction. USD/CHF needs gains.
EUR/JPY is another 3-wave move so there could still be a complex correction – or just losses back below 117.67…
AUD/USD … finally completed the Wave v but don’t get too concerned about the pullback because the next decline is going to be firm…